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In March 2023, the SEC sued Sun and three of his companies, the entity behind layer-1 blockchain Tron, the Tron Foundation and the file-sharing platform backers the BitTorrent Foundation and its San Francisco-based parent firm, Rainberry Inc.
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Since January, Upbit’s daily trading volumes have dropped about 70%, amounting to $4.6 billion at the time of writing.
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“[T]his investigation never should have been opened,” said Dan Gallagher, Robinhood Markets’ compliance and corporate affairs officer. “Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities.”
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Today in crypto, the President of Argentina, Javier Milei, faces significant political pushback after a token he endorsed became a financial catastrophe for investors, a prominent Bitcoin analyst claimed he moved all his Bitcoin into spot Bitcoin exchange-traded funds (ETFs), and a scammer impersonated the Bermuda premier to promote a fake cryptocurrency token.
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Other states are also implementing similar legislation. Kentucky became the 16th US state to introduce legislation aimed at establishing a Bitcoin reserve that would allocate up to 10% of excess state reserves into digital assets, Cointelegraph reported on Feb. 6.
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The development comes as the odds of Trump establishing a strategic Bitcoin reserve after taking office on Jan. 20 are soaring on betting markets Kalshi and Polymarket.
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To date, Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have all put forward a Strategic Bitcoin Reserve bill.
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Any change in leadership at the US Attorney’s office in New York — where many civil and criminal cases against crypto firms and executives are handled — or at the SEC or CFTC could potentially upend existing cases.
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Basel Ismail, CEO of crypto investment analytics platform Blockcircle, agreed and said approval would be “one of the most bullish events in crypto history” as “it’ll catalyze a race to acquire as much Bitcoin as possible.”
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Getmantsev explained that crypto profits will have capital gains tax applied to the assets when converted into fiat currencies, adding that the committee is “cautious about tax incentives as they can be exploited for tax evasion in traditional markets.”
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MicroStrategy is a business intelligence firm that became a de-facto Bitcoin hedge fund in 2020 when chairman Michael Saylor initiated an ambitious BTC buying strategy.
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Solv currently oversees more than $3 billion in total value locked (TVL), according to DefiLlama.
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It generates yield by staking BTC to Bitcoin layer-2s, including Babylon and CoreChain, as well as DeFi protocols, such as Jupiter and Ethena.
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Solv is a Bitcoin staking platform offering numerous yield strategies across over half a dozen blockchain networks.
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According to Chow, Solv aims to build a strategically managed “Bitcoin reserve that not only preserves wealth but generates yield and amplifies returns.”
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“We’re building the first-ever On-Chain MicroStrategy — a transparent, permissionless platform that transforms Bitcoin from a passive store of value into an active financial powerhouse,” Chow said.
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Spot Ether ETFs took in $224.9 million in net inflows over the four trading days between Nov. 22-27, while spot Bitcoin ETFs tallied $35.2 million in net inflows due mainly to a heavy day of outflows on Nov. 25.
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On Nov. 29, Cointelegraph reported that Ether ETFs saw more money from investors than their Bitcoin counterparts since Nov. 22, as Ethereum’s decentralized finance (DeFi) ecosystem scored a key victory in a US court this week.
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It is the first time that Ether ETFs recorded higher inflows than spot Bitcoin ETFs on days when both saw inflows. However, it follows several recent days where spot Ether ETFs maintained positive inflow days while spot Bitcoin ETFs experienced outflows.
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“ETH ETF flows have flipped BTC ETF flows for the first time,” crypto commentator Ethereum Vibin said in an X post.
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